FORD POSTS FULL YEAR PROFIT FOR 2009; FOURTH QUARTER 2009 NET INCOME OF $868 MILLION; PLANS TO BE PROFITABLE IN 2010+

FORD POSTS FULL YEAR PROFIT FOR 2009; FOURTH QUARTER 2009 NET INCOME OF $868 MILLION; PLANS TO BE PROFITABLE IN 2010+

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  • Full year net income of $2.7 billion, or 86 cents per share, a $17.5 billion improvement from a year ago. Pre-tax operating profits of $454 million, a $7.3 billion improvement from a year ago++
  • Fourth quarter net income of $868 million, or 25 cents per share, a $6.8 billion improvement from a year ago. Pre-tax operating profits of $1.8 billion, a $5.5 billion improvement from a year ago++
  • Ford North America fourth quarter pre-tax operating profits of $707 million, a $2.6 billion improvement from a year ago++
  • Reduced Automotive structural costs by $500 million compared with the fourth quarter 2008, bringing the total 2009 reduction to $5.1 billion, exceeding the target of about $4 billion
  • Strong products drove full year market share gains in North America, South America and Europe as well as continued improvements in transaction prices and margins
  • Ended the year with $25.5 billion of Automotive gross cash and $34.3 billion in Automotive debt
  • Achieved positive Automotive operating-related cash flow of $3.1 billion for the fourth quarter. Full year Automotive operating-related cash outflow was $300 million, a $19.2 billion improvement over 2008
  • Ford Credit fourth quarter pre-tax operating profits of $696 million, a $1.1 billion improvement from a year ago
  • For full year 2010, Ford plans to be profitable on a pre-tax basis excluding special items, for North America, total Automotive and total company, with positive Automotive operating-related cash flow, based on its assumptions

Financial Results Summary*

Fourth Quarter

Full Year

 

2008

2009

O/(U) 2008

2008

2009

O/(U) 2008

Wholesales (000) +

1,139

1,440

301

5,407

4,817

(590)

Revenue (Bils.) +

$ 29.0

$ 35.4

$ 6.4

$ 138.1

$ 118.3

$ (19.8)

 

 

 

 

 

 

 

Operating Results +

 

 

 

 

 

 

Automotive sector (Mils.)

 $(3,339)

$1,070

 $4,409

$(6,355)

 $(1,423)

 $4,932

Financial Services sector (Mils.)

(384)

683

1,067

(495)

1,877

2,372

Pre-Tax Results (Mils.)

$ (3,723)

 $1,753

$ 5,476

$(6,850)

$ 454

$ 7,304

 

           

After-Tax Results (Mils.) +++

$ (3,333)

$ 1,565

$ 4,898

$(7,271)

$ 8

$ 7,279

Earnings Per Share +++

$ (1.40)

$ 0.43

$ 1.83

$ (3.20)

$ 0.00

$ 3.20

 

 

 

 

 

 

 

Special Items Pre-Tax (Mils.)

$ (1,429)

$ (711)

$ 718

$(7,648)

$ 2,554

$10,202

 

 

 

 

 

 

 

Net Income/(Loss) Attributable to Ford

 

 

 

 

 

 

After-Tax Results (Mils.)

$ (5,978)

$ 868

$ 6,846

$(14,766)

$ 2,699

$17,465

Earnings Per Share

$ (2.51)

$ 0.25

$ 2.76

$ (6.50)

$ 0.86

$ 7.36

 

 

 

 

 

 

 

Automotive Gross Cash (Bils.) +

$ 13.4

$ 25.5

$ 12.1

$ 13.4

$ 25.5

$ 12.1

*See end notes on page 10.

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